$MYGN
MYRIAD GENETICS INC

2015 Q2 Form 10-Q Financial Statement

#000119312515173493 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $189.9M $180.0M $182.9M
YoY Change 0.58% -1.6% 16.91%
Cost Of Revenue $38.40M $33.00M $23.65M
YoY Change 23.87% 39.55% 43.65%
Gross Profit $151.5M $147.0M $159.3M
YoY Change -3.99% -7.71% 13.76%
Gross Profit Margin 79.78% 81.67% 87.07%
Selling, General & Admin $96.60M $91.30M $87.63M
YoY Change 14.59% 4.19% 35.65%
% of Gross Profit 63.76% 62.11% 55.02%
Research & Development $18.70M $16.70M $13.40M
YoY Change -7.43% 24.65% -1.62%
% of Gross Profit 12.34% 11.36% 8.41%
Depreciation & Amortization $6.600M $3.300M $3.500M
YoY Change 20.0% -5.71% 66.67%
% of Gross Profit 4.36% 2.24% 2.2%
Operating Expenses $115.3M $108.0M $101.0M
YoY Change 10.33% 6.9% 29.16%
Operating Profit $36.20M $35.70M $55.29M
YoY Change -32.08% -35.43% -4.54%
Interest Expense $100.0K $100.0K $2.500M
YoY Change -50.0% -96.0% 78.57%
% of Operating Profit 0.28% 0.28% 4.52%
Other Income/Expense, Net -$800.0K -$200.0K $2.056M
YoY Change -11.11% -109.73% 55.4%
Pretax Income $35.50M $35.50M $57.34M
YoY Change -32.51% -38.09% -3.2%
Income Tax $16.80M $14.10M $20.57M
% Of Pretax Income 47.32% 39.72% 35.88%
Net Earnings $18.70M $21.40M $36.77M
YoY Change -44.35% -41.8% -2.96%
Net Earnings / Revenue 9.85% 11.89% 20.1%
Basic Earnings Per Share $0.30 $0.50
Diluted Earnings Per Share $257.6K $0.29 $0.48
COMMON SHARES
Basic Shares Outstanding 69.45M shares 70.70M shares 73.82M shares
Diluted Shares Outstanding 73.90M shares 76.37M shares

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $144.8M $134.4M $212.2M
YoY Change -22.36% -36.66% -36.88%
Cash & Equivalents $64.10M $55.20M $85.80M
Short-Term Investments $80.70M $79.20M $126.4M
Other Short-Term Assets $26.00M $23.50M $21.20M
YoY Change -3.35% 10.85% 135.56%
Inventory $25.10M $29.36M $18.91M
Prepaid Expenses $2.307M
Receivables $85.80M $92.20M $82.68M
Other Receivables $1.900M $2.992M $3.226M
Total Short-Term Assets $283.6M $282.4M $338.2M
YoY Change -12.03% -16.48% -24.47%
LONG-TERM ASSETS
Property, Plant & Equipment $67.20M $69.10M $32.67M
YoY Change 94.22% 111.54% 21.54%
Goodwill $177.2M $185.2M $166.7M
YoY Change 4.73% 11.08% 193.31%
Intangibles $192.6M $195.7M $208.3M
YoY Change -6.19% -6.05% 1440.08%
Long-Term Investments $40.60M $41.20M $65.60M
YoY Change -51.72% -37.2% -47.98%
Other Assets $5.000M $5.000M $5.000M
YoY Change 0.0% 0.0% -86.49%
Total Long-Term Assets $482.6M $496.6M $478.3M
YoY Change -3.75% 3.84% 70.0%
TOTAL ASSETS
Total Short-Term Assets $283.6M $282.4M $338.2M
Total Long-Term Assets $482.6M $496.6M $478.3M
Total Assets $766.2M $779.0M $816.4M
YoY Change -6.99% -4.58% 11.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.10M $17.96M $18.94M
YoY Change -8.66% -5.18% 54.72%
Accrued Expenses $46.10M $47.88M $51.10M
YoY Change -18.26% -6.31% 33.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $68.70M $67.17M $72.16M
YoY Change -14.76% -6.91% 34.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.900M $6.420M $13.60M
YoY Change -52.79% 29.52%
Total Long-Term Liabilities $3.900M $6.420M $13.60M
YoY Change -52.79% 29.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.70M $67.17M $72.16M
Total Long-Term Liabilities $3.900M $6.420M $13.60M
Total Liabilities $104.1M $110.2M $94.18M
YoY Change -0.67% 16.95% 46.94%
SHAREHOLDERS EQUITY
Retained Earnings -$77.00M -$62.28M $18.87M
YoY Change -3950.0% -430.15% 820.24%
Common Stock $746.1M $700.0K $745.0K
YoY Change 106485.71% -6.04% -6.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $661.7M $668.9M $722.2M
YoY Change
Total Liabilities & Shareholders Equity $766.2M $779.0M $816.4M
YoY Change -6.99% -4.58% 11.99%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $18.70M $21.40M $36.77M
YoY Change -44.35% -41.8% -2.96%
Depreciation, Depletion And Amortization $6.600M $3.300M $3.500M
YoY Change 20.0% -5.71% 66.67%
Cash From Operating Activities $51.00M $29.90M $11.30M
YoY Change 24.69% 164.6% -69.79%
INVESTING ACTIVITIES
Capital Expenditures -$2.000M -$4.500M -$1.600M
YoY Change -56.52% 181.25% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$800.0K $29.30M $100.0K
YoY Change -94.41% 29200.0% -99.8%
Cash From Investing Activities -$2.800M $24.90M -$1.500M
YoY Change -85.19% -1760.0% -103.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -40.20M -56.00M 3.500M
YoY Change -4.51% -1700.0% -108.43%
NET CHANGE
Cash From Operating Activities 51.00M 29.90M 11.30M
Cash From Investing Activities -2.800M 24.90M -1.500M
Cash From Financing Activities -40.20M -56.00M 3.500M
Net Change In Cash 8.000M -1.200M 13.30M
YoY Change -139.8% -109.02% -69.7%
FREE CASH FLOW
Cash From Operating Activities $51.00M $29.90M $11.30M
Capital Expenditures -$2.000M -$4.500M -$1.600M
Free Cash Flow $53.00M $34.40M $12.90M
YoY Change 16.48% 166.67% -66.92%

Facts In Submission

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(1)</td> <td valign="top" align="left"><u>Basis of Presentation</u></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> The accompanying condensed consolidated financial statements have been prepared by Myriad Genetics, Inc. (the &#x201C;Company&#x201D;) in accordance with U.S. generally accepted accounting principles (&#x201C;GAAP&#x201D;) for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (&#x201C;SEC&#x201D;). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the accompanying financial statements contain all adjustments (consisting of normal and recurring accruals) necessary to present fairly all financial statements in accordance with GAAP. The condensed consolidated financial statements herein should be read in conjunction with the Company&#x2019;s audited consolidated financial statements and notes thereto for the fiscal year ended June&#xA0;30, 2014, included in the Company&#x2019;s Annual Report on Form 10-K for the fiscal year ended June&#xA0;30, 2014. Operating results for the three and nine months ended March&#xA0;31, 2015 may not necessarily be indicative of results to be expected for any other interim period or for the full year.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> Certain reclassifications have been made to prior period amounts to conform to the current period presentation. For the nine months ended March&#xA0;31, 2014, a reclassification of $1.0 million from proceeds from maturities and sales of marketable securities was made to the effect of foreign exchange rates on cash and cash equivalents in the condensed consolidated statement of cash flows and for the year ended June&#xA0;30, 2014, a reclassification of $0.6 million from other receivables to trade accounts receivable on the condensed consolidated balance sheet to conform to the current-year presentation.</p> </div>
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